wanhua(SH:600309) Shanxi Securities·2025-08-14 06:35Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company's polyurethane and fine chemicals businesses are performing steadily, while the petrochemical business is under profit pressure [6] - The company is expected to benefit from technological innovation and capacity upgrades, enhancing cost control and product competitiveness [11] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 90.9 billion yuan, a year-on-year decrease of 6.4%, and a net profit attributable to shareholders of 6.12 billion yuan, down 25.1% year-on-year [5] - The second quarter of 2025 saw total revenue of 47.83 billion yuan, with a quarter-on-quarter decrease of 6.0% and an increase of 11.1% [5] - The gross margin and net margin for the first half of 2025 were 13.84% and 7.39%, respectively, both showing declines compared to the previous year [6] Product Performance Summary - Revenue from the polyurethane series, petrochemical series, and fine chemicals and new materials series was 36.89 billion yuan, 34.93 billion yuan, and 15.63 billion yuan, respectively, with year-on-year changes of +4.0%, -11.7%, and +20.4% [6] - The sales volume for these product lines was 3.03 million tons, 2.85 million tons, and 1.19 million tons, reflecting year-on-year growth of 12.6%, 3.6%, and 29.3% [6] Market Conditions and Outlook - The polyurethane prices are expected to rise due to low inventory levels and supply-side optimization, with recent price increases for pure MDI and TDI of 5.3% and 37.0%, respectively [7] - The company is accelerating its new materials layout and enhancing product competitiveness through innovation and capacity expansion [8][10] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 13.72 billion yuan, 16.91 billion yuan, and 19.08 billion yuan, respectively, with corresponding P/E ratios of 14, 12, and 10 [11] - Revenue forecasts for 2025, 2026, and 2027 are 201.98 billion yuan, 221.05 billion yuan, and 245.74 billion yuan, with year-on-year growth rates of 10.9%, 9.4%, and 11.2% [13][15]